THE EFFECT OF U.S. TRADE DEFICIT ANNOUNCEMENTS ON THE STOCK PRICES OF U.S. AND JAPANESE AUTOMAKERS

The existing literature on the trade news effect on asset prices generally looks at exchange rates and stock market indexes. We focus on individual stocks: the U.S. and Japanese “Big Three” automobile stocks. We examine Japanese automobile American Depositary Receipts (ADRs), not the stocks per se, to avoid the time lag problem. First, we find deficit news shocks, especially the positive shocks, have a negative effect on the Japanese automobile ADRs. Second, we find only weak evidence that the news effect is different under different economic conditions. Third, trade news is found to be a competitive shock to the automakers in the sense of Karolyi and Stulz (1996) . Last, statistically generated U.S.–Japan bilateral trade deficit news and bilateral auto trade deficit news have no effect on the automobile stock in general.     

努力建设三个电力市场

电力市场建设必须以用户为本,只有用户才是打破电力垄断的最终决定力量电力市场建设必须充分考虑世界电力发展的一般规律和中国国情,为此,建设竞争性电力市场、地方服务型农村电力市场和用户侧分布式电力市场应是完整的电力市场体系的重要组成部分     

Legal regulation of enterprises'' environmental impact: a survey

The enterprise coordinates social resources, which changes the dialogue between human and the environ-ment into that between enterprise and environment. The profit-making character of enterprise leads to the abandon-ment of environmental ethics. Enterprise, which has the capability to solve environmental problems, however, lacks-the motive to do it. It has controlling power over society and should assume the responsibility of environmental protection. For its lack of environmental conscience, the external institutional arrangements should be made for enterprise. The strategy for environmental cost should be designed in connection with the interest orientation of en-terprise. And various tegal measures in constitutional law, social law, civil law, administrative law and criminal law should be utilized to regulate enterprise's behaviors regarding environmental protection.     

浅谈教学中的学习成效评价

学习成效评价是对学生个体学习的进展和行为变化的评价。在教学实践中,教师要善于运用多种学习成效评价的方法来促进学生学习。     

国外城市土地使用——交通系统一体化模型

本文介绍了９０年代初国外常用的５种不同的在土地使用系统和交通系统之间建立了互馈机制的理论方法，它们是：基于Ｌｏｗｒｙ理论模型的方法；基于数学规划的方法；基于空间投入－－产出分析的方法：基于城市经济学理论的方法。每种理论方法介绍了其代表性的模型。     

Debt and Currency Crises—Complements or Substitutes?*

Debt and currency crises are closely interlinked through the government's intertemporal budget constraint. The default tax and the inflation/devaluation tax can be considered as alternative means of financing. Our empirical analysis finds that high‐debt countries choose default rather than inflation/devaluation for financing, while a high money stock reduces the probability of debt crises. Further, we find strong evidence that debt and currency crises share common fundamental causes. Finally, there is a Granger causality running from debt crises to currency crises, but only weakly in the other direction.     

矿产资源“走出去”开放战略的基本构架及政策建议

实施“走出去”勘查开发国外矿产资源的开放战略 ,是保障 2 1世纪我国经济可持续发展的必然选择。文章在论述“走出去”重要意义的同时 ,着重阐明这一战略的指导思想、战略目的、战略部署和战略重点 ,并在此基础上提出国家推动矿产资源“走出去”战略的系列政策措施。     

Pass-through Effects of Global Commodity Prices on China＇s Inflation： An Empirical Investigation

The present paper uses a two-step approach to estimate the pass-through effects of changes in international commodity prices and the RMB exchange rate on domestic consumer price inflation in China. We first estimate the pass-through effects of international commodity prices on producer prices and then estimate the pass-through effects of producer price inflation on consumer price inflation. We find that a l O-percent increase in international commodity prices would lead to China＇ s producer prices increasing by 1.2 percent 3 months later, which in turn would increase China＇ s domestic inflation by 0.24 percent over the same period. However, a 10-percent appreciation of the RMB exchange rate against the US dollar would help to reduce increases in producer prices by 4.4 percent over the following 3 months, which in turn would lead to a 0. 89-percent decline in consumer price inflation over the same period. Our findings suggest that appreciation of the RMB in an environment of rising global commodity prices and a weak US dollar could be an effective instrument to help contain inflation in China.     

中国政府价值取向面临的三大转变

政府价值取向决定了政府追求的价值目标，进而决定了政府能做什么和不能做什么。目前，随着经济的不断发展和改革的不断深入，政府价值取向也要进行新的转变。具体表现在三个方面：从注重经济发展向关注民生转变；从与民争利向让利于民转变；从“锦上添花”向“雪中送炭”转变。